BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry



« News Home
:: Monthly Archive

News Topics
:: Air Pollution
:: Agreements & M&A's
:: Alternative Fuels
:: BunkerBlog
:: Cargoes & Storage
:: Company News
:: Efficiency, Costs & Charges
:: Environment
:: Events
:: Financial
:: Fuel Quality & Testing
:: Lubes & Additives
:: Oil Spills
:: People
:: Port News
:: Projects
:: Regulation, Legal
:: Services, Products,Technology
:: Statistics & Research
:: Vessels

Regional Archive
:: Americas
:: Asia/Oceania
:: Europe
:: M.East/Africa


BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
Home » News



Oil dropped 2-3% yesterday on trade war fears, smaller-than-expected crude stock draw

By A/S Global Risk Management.



Michael Poulson, Global Risk Management. Image credit: Global Risk Management


Updated on 09 Aug 2018 07:09 GMT

The weekly oil stocks data from the Energy Information Administration (EIA) showed a smaller-than-expected draw in U.S. crude oil stocks of 1.35 mio. barrels - far from Tuesday's API oil stocks data showing a decline of 6 mio. barrels - and oil prices fell sharply on the news.

Earlier this week, the U.S. imposed new sanctions against Iran; among others, USD purchases. Note that oil is traded in USD; if and when the sanctions fully kick in by November, up to 1 mio. barrels per day could be taken off the market.

The trade war between the U.S. and China continues to escalate. The fears of a slowdown in trade activities spilling over to the oil market weighed on prices as well, since a slowdown in the world's two largest economies could affect demand for oil. Allegedly, China imposes tariffs on U.S. crude oil imports. The first half of 2018, China imported around 330,000 barrels per day from the U.S. Total Chinese crude oil imports for July increased slightly from June; 8.48 mio. barrels in July versus 8.36 in June.

Turning to economic data, overnight, Chinese CPI - an inflation indicator - came out improved. Later today, the U.S. PPI -another inflation indicator - is released.

Likely, we are facing another exiting day in both the financial and oil markets!



A/S Global Risk Management is a provider of customised hedging solutions for the management of price risk on fuel expenses. The company has offices in Denmark and Singapore. For further details about its risk management products and services, please call +45 88 38 00 00 or email hedging@global-riskmanagement.com.






Related Links:

Will Brent continue its bullish momentum?
A/S Global Risk Management Ltd.

Latest News:

Oil and fuel oil hedging market update
ScanOcean selected as eastern Sweden reseller for Neste's 0.1%S fuels
Oil and fuel oil hedging market update
Global central bank meetings and announcements
Risk minimisation in uncertain times | Geos Group
Bunker Energy takes over Maxcom Bunker's commercial activities
World Fuel Services to launch Pacific Northwest supply operation
Oil and fuel oil hedging market update
Brent remains in the $60s this morning
Oil and fuel oil hedging market update
$60s are hard to hold
Silverstream hails air lubrication uptake ahead of 2020




Page Links:

Prices
Africa
Asia
Latin America
Middle East
North America
North Europe
South Europe
Index Summary
Price Highlights
Commentaries
Futures
Prices
Antwerp
Busan
Fujairah
Houston
Istanbul
Kaohsiung
Las Palmas
Maracaibo
New Orleans
Piraeus
Rio de Janeiro
Rotterdam
Santos
Singapore
News
Latest News
Blogs
Archive
Americas
Asia
Europe
Middle East
News
Air Pollution
Agreements & M&A's
Alternative Fuels
Cargoes & Storage
Efficiency, Costs & Charges
Environment
Events
Financial
Fuel Quality
Lubes & Additives
Oil Spills
People
Port News
Projects
Regulation/Legal
Services, Products, Technology
Statistics & Research
Vessels
Contact & Terms
Contact Us
Advertise
Terms & Conditions
Privacy Policy
Events
Upcoming Events